Chase Freedom Visa Signature Card $150 Sign Up Bonus

Here’s a very nice offer for you if you want to take advantage of the warm weather for some home improvement projects this spring and get rewarded.

Chase Freedom Visa Signature Card, issued by Chase for people with good credit, is now running a limited time promotion for new customers. If you apply for and get approved for the Freedom Card, you can get $150 in bonus once you spend $500 or more in the first three months of becoming a cardholder. A very good promotion for those who are interested in the card, isn’t it? Since the Freedom Card employs a bonus cash back program to reward card members with 5% cash back when shopping in the bonus cash back categories, the potential of getting more rebates for the first three months is even greater. Let me explain how it works.

From April to June 2011, you will receive 5% cash back with you shop in home improvement, home furnishing, lawn and garden stores. These are the bonus cash back categories for the current quarter.

If you are approved for the Freedom Visa Signature Card and you use the card to shop at, for example, Home Depot, and charge $500 on the card before June, then you will get $25 bonus cash back.

And since you meet the $500 spending requirement for the $150 sign up bonus, you will qualify for the new card member bonus of $150, that brings the total cash back in the first three months to $175.

For only spending $500, that is equivalent to a return of 35% in three months or less. Not too shabby, right?

In addition to the 5% bonus cash back, you can also earn 1% rebate when using the card for purchases that are not covered by the bonus categories in the current quarter. For the entire year of 2011, the Freedom Card has these quarterly bonus categories that let you get 5% cash back:

January to March: Grocery stores and drug stores;

April to June: Home improvement, home furnishing, lawn and garden stores;

July to September: Gas, hotels, and airlines;

October to December: Dining, movies, charities, and department stores.

And you can get all these great benefits without paying an annual membership fee

The Freedom Card currently has an APR from 11.99% to 22.99%, based on your creditworthiness. These APRs will vary with the market based on the Prime Rate. The card doesn’t offer low intro rate, so it may not be a good choice for balance transfer (balance transfer fee is either $5 or 3% of the amount of each transfer, whichever is greater), even though the transferred amount counts as eligible spending for the sign up bonus.